Question No 1. What do you understand by term Managerial Accounting? State differences between Managerial and Financial Accounting? 20 Marks) Question No. 2 How do you calculate Contribution margin and Contribution margin ratio? What is the margin of safety? ( 20 Marks) Question No 3. What are the components of a standard cost system? Also compute the following : - Direct materials cost variance? - Direct materials efficiency variance? - Direct labor cost variance? - Direct labor efficiency variance? - Variable manufacturing overhead cost variance? - Variable manufacturing overhead efficiency variance? - Fixed manufacturing overhead variance? 20 Marks) Question No 4. The standard mix to produce one unit of product is as follows: Material A60 units @ $15 per unit Material B 80 units @ \$ 20 per unit Material C 100 units @ \$25 per unit During the month of July, 10 units were actually produced and consumption was as follows: Material A640 units @ \$17.50 per unit Material B950 units @ \$18.00 per unit Material C 870 units @ \$ 27.50 per unit Calculate material variances ( 20 marks)